Daqing Dairy Holdings Ltd Announces Resignation Of Executive Directors And Appointment Of New Chairman

Daqing Dairy Holdings Ltd announced that it has received notices of resignation by hand and by electronic mail from Mr. Zhao Yu, executive Director, Chairman of the Board and a member of the remuneration committee and nomination committee and Mr. Fong Pin Jan, executive Director and Chief Financial Officer of the Company respectively on January 10, 2013. In connection with the resignations of Mr. Zhao and Mr. Fong, the Company entered into a termination agreement with each of them on January 10, 2013 to terminate their respective service agreement with the Company dated October 10, 2010 with effect from January 10, 2013. The Board had agreed to accept the resignations of Mr. Zhao and Mr. Fong. In view of the resignation of Mr. Zhao, the Board has decided to appoint Mr. Zhao Chuan Wen, an executive Director to hold the position of the Chairman with effect from 10 January 2013. The Board will look for a replacement to fill the vacancy of Mr. Fong in due course.